Oregon Statutes - Chapter 646A - Trade Regulation - Section 646A.252 - Definitions for ORS 646A.252 to 646A.270.

As used in ORS 646A.252 to 646A.270:

(1) “Consumer” means any individual who is solicited to purchase or who purchases the services of a credit services organization.

(2)(a) “Credit services organization” means any person who, with respect to the extension of credit by others, sells, provides, performs, or represents that the organization can or will sell, provide or perform, in return for the payment of money or other valuable consideration, any of the following services:

(A) Improving, saving or preserving a consumer’s credit record, history or rating.

(B) Obtaining an extension of credit for a consumer.

(C) Providing advice, assistance, instruction or instructional materials to a consumer with regard to either subparagraph (A) or (B) of this paragraph.

(b) “Credit services organization” does not include:

(A) Any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States or a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act.

(B) Any financial institution, financial holding company or bank holding company as those terms are defined in ORS 706.008 or any subsidiary or affiliate of a financial institution, financial holding company or bank holding company.

(C) A mortgage banker or mortgage broker as defined in ORS 59.840.

(D) Any nonprofit organization exempt from taxation under section 501(c)(3) of the Internal Revenue Code, provided that the organization does not require a fee for its services and does not receive any money or other valuable consideration prior to the rendering of any services by the organization for the consumer.

(E) An individual licensed as a real estate broker or principal real estate broker by this state if the individual is acting within the course and scope of that license.

(F) Any person licensed to practice law in this state if the person renders services within the course and scope of practice as an attorney.

(G) Any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker-dealer is acting within the course and scope of that regulation.

(H) Any consumer reporting agency as defined in the Federal Fair Credit Reporting Act, 15 U.S.C. 1681 et seq.

(I) Any licensee licensed under ORS chapter 725.

(3) “Department” means the Department of Consumer and Business Services.

(4) “Director” means the director of the department or the director’s designees.

(5) “Extension of credit” means the right to defer payment of debt or to incur debt and defer its payment offered or granted primarily for personal, family or household purposes. [Formerly 646.382]

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Last modified: August 7, 2008